GIAX vs. NGHT

Last updated Jul 17, 2026

GIAX (Nicholas Global Equity and Income ETF) and NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) are both exchange-traded funds - GIAX is a Derivative Income fund actively managed by Nicholas, while NGHT is a Cryptocurrency fund actively managed by Nicholas. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.97% expense ratio.

Performance

GIAX vs. NGHT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) and Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GIAX

• 1D: -4.24%
• 1M: -9.44%
• 6M: 3.65%
• YTD: 7.71%
• 1Y: 11.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NGHT

• 1D: -1.48%
• 1M: -5.83%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GIAX vs. NGHT - Yearly Performance Comparison

	2026 (YTD)
GIAX Nicholas Global Equity and Income ETF	15.26%
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-17.08%

Correlation

The correlation between GIAX and NGHT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.42

Return for Risk

GIAX vs. NGHT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GIAX

GIAX Risk / Return Rank: 19
GIAX Sharpe Ratio Rank: 18
GIAX Sortino Ratio Rank: 18
GIAX Omega Ratio Rank: 18
GIAX Calmar Ratio Rank: 19
GIAX Martin Ratio Rank: 24

NGHT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GIAX vs. NGHT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) and Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GIAX	NGHT	Difference
Sharpe ratio: Return per unit of total volatility	0.48	—	—
Sortino ratio: Return per unit of downside risk	0.81	—	—
Omega ratio: Gain probability vs. loss probability	1.10	—	—
Calmar ratio: Return relative to maximum drawdown	0.66	—	—
Martin ratio: Return relative to average drawdown	2.37	—	—

Drawdowns

GIAX vs. NGHT - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, smaller than the maximum NGHT drawdown of -23.03%. Use the drawdown chart below to compare losses from any high point for GIAX and NGHT.

Drawdown Indicators

	GIAX	NGHT	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-23.03%	+2.65%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	—	—
Current Drawdown Current decline from peak	-14.34%	-21.11%	+6.77%
Average Drawdown Average peak-to-trough decline	-3.26%	-10.47%	+7.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	—	—

Volatility

Volatility by Period

	GIAX	NGHT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.32%	30.89%	-6.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.31%	30.89%	-8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.31%	30.89%	-8.58%

GIAX vs. NGHT - Expense Ratio Comparison

Both GIAX and NGHT have an expense ratio of 0.97%.

Dividends

GIAX vs. NGHT - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 26.80%, while NGHT has not paid dividends to shareholders.

Position	TTM	2025	2024
GIAX Nicholas Global Equity and Income ETF	26.80%	25.62%	10.58%
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GIAX and NGHT in my portfolio?

GIAX and NGHT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GIAX or NGHT?

Both ETFs have the same 0.97% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GIAX or NGHT?

GIAX and NGHT have the same expense ratio: 0.97% per year.

Which ETF pays a higher dividend yield, GIAX or NGHT?

GIAX has the higher dividend yield at 26.80%, compared with 0.00% for NGHT.

What is the main difference between GIAX and NGHT?

GIAX is categorized as Derivative Income, while NGHT is Cryptocurrency.